Shadow chancellor George Osborne has outlined a number of plans designed to support the UK tourism industry if the Conservative Party wins the next General Election.

Speaking on a visit to Blackpool, Osborne labelled the sector as "one of the jewels in the crown of British economy" and pledged to bring in a raft of measures to help boost the sector. The shadow chancellor aims to generate an additional £6.5bn for the UK economy by increasing the proportion of UK residents' tourism expenditure on domestic holidays to 50 per cent.

Reform of the tax and regulation system, such as amended eligibility thresholds and altered interest deductibility criteria and the creation of a further 200,000 apprenticeship and pre-apprenticeship places are also mooted. Meanwhile, Osborne confirmed plans to establish an overseas fund specifically designed to market London and the UK across the world around the 2012 Olympics.

Osborne said: "Getting the infrastructure right also means putting in place a framework that makes the most of the massive opportunity to promote British tourism alongside the Olympics in 2012 "A Conservative government will aim to establish a fund to market London and British tourism around the world. This marketing should take place before, during and immediately after 2012."

The Tourism Alliance, which represents 200,000 tourism businesses across the UK, welcomed Osborne's proposals as a sign the industry was receiving the recognition it deserves. Ken Robinson, chair of the organisation, said: "Tourism is one of the UK's largest industries, with a key role to play in achieving sustainable economic growth and employment opportunities for young people.

"The concrete measures announced [by Osborne] will help unleash the full potential of this very large and very important sector of the UK economy."